Heres How Trump Transferred Wealth to His Son While Avoiding the Usual Taxes
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In April 2016, as Donald Trump was on the cusp of clinching the Republican nomination for the White House, he sold two luxury condos near Manhattan’s Central Park for less than half the price his company had said they were worth. The lucky buyer: Trump’s son, Eric.
Such family-friendly deals would normally incur hundreds of thousands of dollars in gift taxes.
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An owner who sells real estate for less than it’s worth would typically have to pay gift tax on the difference between the sales price and the true market value. Any personal gifts that are worth more than $14,000 in a year are subject to up to 40 percent in federal taxes.
But as the building’s developer selling the units for the first time, Trump had lots of flexibility within the law to determine the value of the apartments.
https://www.propublica.org/article/heres-how-trump-transferred-wealth-to-his-son-while-avoiding-usual-taxes
Even while running for office, he was looking for ways to screw the country and benefit his family.
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